Contractor strategies for making 2010 successful are the focus of a special report just issued by construction consultant/banker FMI.
“Contractor Strategy: Emerging From the Perfect Storm” details and analyzes the responses to FMI’s Nonresidential Construction Index (NRCI) concerning the basis for strategic planning and navigation in this hard-hit sector.
“No one can doubt that construction markets have been severely disrupted by the global financial crisis,” the report concludes in part. “However, the sky has not fallen. Savvy firms have made money in the past during similar times of uncertainty. Successful companies will use this time to refocus the business, examine strategic opportunities and right-size their operations.”
The report also takes an in-depth look at what it calls four Common Strategic Myths among contractors:
1. The future is likely to mirror the past.
2. Yesterday’s strategy will be sufficient to guide our organization into the future.
3. If we can just make it through 2010 and early 2011, we will be fine.
4. Now is not the time to make bold changes.
Each myth is examined for its potential implications and followed by a series of recommendations.
“There are many possible futures facing the industry, and those firms preparing and adapting their strategies now will be there to win big when the market recovers,” said Briston Blair, co-author of the report.
FMI, headquartered in Raleigh, N.C., is the largest provider of management consulting and investment banking to the worldwide construction industry.
For more information, visit www.fminet.com.